Renaissance enters Germany via Griffin’s E. European Equity Fund

Renaissance Asset Managers (RAM) is to acquire the Griffin Eastern European Equity Fund, for an undisclosed sum, from Griffin Capital Management, an independent investment boutique.

Following the transaction, total RAM assets under management will rise from $2.4bn to $2.7bn.

RAM said the acquisition is an important milestone, as the $252m Dublin-domiciled Irish UCITS fund, registered for distribution in Germany, Austria, Switzerland and Sweden, marks RAM’s entry into the German-speaking market.

The fund will be managed by RAM’s Chief Investment Officer PlamenMonovski and Karol Chrystowski, Co-Fund Manager of the Renaissance Emerging Europe Fund.

The Griffin Eastern European Equity Fund manages assets in emerging Europe and Turkey, and is complementary to RAM’s existing portfolio of funds and core areas of expertise.

The Griffin Eastern European Equity Fund, set up in 1999 by Juergen Kirsch, is one of the oldest and most established funds in the emerging markets universe. The fund, which was launched in the immediate aftermath of the fall of the Berlin Wall, gained a strong following among investors seeking to capitalize on the opportunities opening up in the region as a result of the transition to modern market based economies.

Already widely owned by retail investors across Germany and Austria, the fund is expected to benefit from the increased scale and focus as it becomes part of the RAM family. For RAM, in addition to opening up the German-speaking market and reinforcing the firm’s leadership position in emerging markets fund management expertise, the additional scale and scope will further enhance the appeal of the firm’s offer to the mainstream institutional market and private banking platforms.

The Renaissance Emerging Europe Fund has been among the top performers in its peer group since its inception. In addition, it is one of the few funds in the sector to raise significant assets against the backdrop of a turbulent year for emerging market equities.